Guideline Value for Somasundaram Nagar

Somasundaram Nagar guideline value

The current guideline value of Somasundaram Nagar, located in Issa Pallavaram village under the Pallavaram SRO, is Rs 3,300 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class I Type - II land classification.

How the guideline value of Somasundaram Nagar has changed

The guideline value for Somasundaram Nagar has seen significant changes over the years. In 2003, the guideline value was Rs 139 per sq.ft, which rose to Rs 400 per sq.ft in 2007. By 2012, the value increased to Rs 3,000 per sq.ft, but then it decreased to Rs 2,010 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 3,000 per sq.ft, and the most recent revision in 2024 set it at Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

In terms of percentage changes, the guideline value increased by 188% from 2003 to 2007, decreased by 33% from 2012 to 2017, and increased by 49% from 2017 to 2023. Overall, from 2003 to 2024, the guideline value has increased by 2,274%.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with the median value being Rs 3,300 per sq.ft. The guideline value for Somasundaram Nagar is equal to this median.

• Selaiyur Street: Rs 2,200 per sq.ft (2024)
• Sathiya Nagar: Rs 2,200 per sq.ft (2024)
• Sate Line: Rs 2,200 per sq.ft (2024)
• Sarathi Street: Rs 2,200 per sq.ft (2024)
• Saraswathi Colony: Rs 2,200 per sq.ft (2024)
• Syed Line: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Somasundaram Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Somasundaram Nagar?

The Somasundaram Nagar area is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Issa Pallavaram

The guideline value is a critical factor when registering property transactions in Issa Pallavaram. It serves as the basis for calculating stamp duty and registration fees, ensuring that the transaction is documented at a value recognized by the authorities.

When buying or selling property, the guideline value helps to determine the minimum price at which a property can be registered. This ensures transparency and compliance with legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of Somasundaram Nagar?

The current guideline value of Somasundaram Nagar is Rs 3,300 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 139 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 2,274% over the years.

What are the stamp duty and registration fees for property in Somasundaram Nagar?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registration in Somasundaram Nagar?

The Pallavaram Sub Registrar Office handles property registration in Somasundaram Nagar, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the land classification for Somasundaram Nagar?

Somasundaram Nagar is classified as Residential Class I Type - II, which indicates its suitability for residential development.